Brexit day has finally arrived, and despite this major "risk event", European and Asian stocks are trading mixed, while S&P futures are just fractionally lower as a bounce on optimism over the American economy appears to have fizzled and President Trump continues to struggle to pass his legislative agenda. The pound first dipped then rose as the U.K. is set to begin its life outside the EU.
Moments ago, Theresa May signed the letter to European Council President Donald Truk which will invoke Article 50 and Trigger Brexit.
SUN FRONT PAGE: ‘Dover & out' #skypapers pic.twitter.com/0YtSKWlCPj
— Sky News (@SkyNews) March 28, 2017
What happens next?
Here is a summary of next steps courtesy of Jack Davies, consultant editor of Trading Floor, courtesy of Saxo Group
A day ahead of UK PM Theresa May's timeline for submitting Article 50 and beginning formal Brexiut procedures, Scottish parliament just voted 69 to 59 in facor of a second Scottish independence referendum. While somewhat expected, cable is lagging on the news...
As AP reports, Scottish lawmakers have voted to seek a new referendum on independence, to be held within the next two years.
The Scottish parliament voted 69-59 to back First Minister Nicola Sturgeon's call to ask the British government for an independence vote.
European, Asian stocks have rebounded as investor anxiety over Trump economic policy and US tax reform eased following yesterday's remarkable comeback in the US market. S&P futures point to a slightly higher open, with oil higher and the dollar rebounding off fout month lows. It is a relatively quiet day in the US with the economic calendar focusing on wholesale inventories, consumer confidence and the Case-Shiller index.
Authored by Vincenzo Scarpetta via Open Europe,
As UK Prime Minister Theresa May prepares to trigger the Article 50 EU exit mechanism on Wednesday, Open Europe has published a new report, entitled, ‘Nothing to declare: A plan for UK-EU trade outside the Customs Union.’